Word: traded
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Dates: during 1970-1979
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...ended seven years of gingerly courtship that began with the Nixon-Kissinger initiatives. In simultaneous communiques from Peking and Washington, Chairman and Premier Hua Kuo-feng and President Carter announced that the two countries would exchange ambassadors and begin normal diplomatic relations. The normalization opens potentially lucrative avenues of trade and new perspectives on world politics, even though it will be a long time before Peking joins Washington and Moscow as a capital of first-rank global power...
...TIME economists generally beLieve the dollar will continue to hold steady next year, or even rise a bit. Big reason: the U.S. trade deficit, estimated at a record $28 billion this year, will drop by anywhere from $6 billion to $12 billion, as the recession cuts into imports. Stability in the dollar, in turn, will help to reduce inflation by holding down increases in prices of imports and of U.S.-made goods that compete against them...
...dollar drove home the truth that the nation is suffering from shockingly lower investment and productivity than its industrial rivals. (American output per hour worked rose a mere .3% in the twelve months ending last September, a record that one high Administration official calls "an utter disaster.") The trade deficit that looked freakishly large at $26.5 billion in 1977 grew even bigger, and this time it could not be wholly blamed on oil imports -which actually went down, while other imports surged...
Clearly the time has come to forget the Alamo, to struggle down memories of the glorious oil nationalization and to try some creative horse trading. President Carter will journey to Mexico in mid-February to trade abrazos and to parley in his struggling Spanish with President Lopez Portillo. Now that Congress has passed the energy bill and U.S. natural gas prices will rise in January, Carter can comfortably sweeten the price for Pemex gas. In order to encourage Mexico's struggling agriculture and industry, and to relieve its population pressures, he would do well to promise higher economic aid, lower...
...amusing about the mandarins of New York film reviewing. He goes awry when he tries to deal with Hemingway, perceiving the oafishness and neuroticism but for the most part missing the art. Never mind; for Sheed's work, the good word is an honest title. Describing his trade, the author writes: " 'Toil, envy, want, the patron and the jail,' is how Sam Johnson, blues singer, described the writer's life." A lovely, far away phrase, that "blues singer," in a fine, argumentative book...